Last update was in March? Wow. What’s been happening? Well, Bitcoin isn’t trading still at $5,000 that is for sure. Bitcoin price headed north and broke through the major resistance at $9,204.20.
On the 1st of June Bitcoin hit the top major resistance point of $10,373.75 and hasn’t made any attempt to break through since.
Life has been a little bit upside down since the beginning of the whole Coronavirus issue for me back in March. I am now, like so many others, trying to regain some normality and will update frequently again.
Have I still been trading? Hell yes! I’ve still been following Bitcoin and selected AltCoins, daily – It’s my addiction!
Currently trading AltCoins.
I have open trades. I re-entered the market at the end of April.
My open trades are Tron (TRX), Neo, BAT and again the dreaded Ripple (XRP)! – I’m in profit on all of them, bar one… Guess which! – Right, so buying XRP wasn’t a good idea at $1.52 and neither was buying any at $0.22. Currently it is trading at $0.19306 slightly up from the recent low of $0.18460. Not a great loss admittedly, but considering I am roughly 15-20% up on the other coins it’s not being a great performer.
I am currently chasing the open orders with a stop loss, in profit. Except for XRP as I’ve decided to hold this coin (again). XRP has a weird way of moving against the trend of the market at times and if it manages to raise above $0.22 I will set a stop loss behind it.
My trading strategy has changed and I am keen to share it with you. Over the next couple of days I will be explaining what I have changed, and why I think it is better, and how it has helped me remain consistently in profit during this recent rise up.
A quick analysis of where I think Bitcoin is heading now.
Well, it looks ‘toppy’ but I’m not totally convinced it will fall just yet. The indicators are suggesting a down movement, but I think Bitcoin trading may go against the grain and bounce to push the price above $10,000. At this current point I wouldn’t enter or close a trade. I am happy to allow my stop losses to be triggered should the case arise.
If you have been following recently then you would of read when I explained how to mine for cryptocurrency using your mobile phone. The currency I was mining for, Electroneum (ETN), has since stopped allowing users to mine for coins, I will update my ETN post shortly with the details.
This doesn’t mean that I have stopped using my phone for mining. Thanks to my partner, who found out about this before me! There is another coin called Pi Network, which can be mined in a similar way to Electroneum. I will have to write another post describing how you too can mine for Pi and join my circle.
Time to crack on.
Well, back to a bit of housekeeping on the blog and then further updates to follow.